Sports bras and 'occasion' lingerie to drive market to $56bn by 2024

The global lingerie market will grow from $33.18bn in 2015 to $55.83bn by the end of 2024, boosted by the sale of sports bras, Europe and the rise of e-commerce.

L Brands, which owns Victoria's Secret, is expected to remain as a strong player in the global lingerie market in the coming years - Photo: Victoria's SecretAccording to a new report from Transparency Market Research, the market is expected to surge at a CAGR of 6.4% between 2016 and 2024, with international labels L Brands Inc., LVMH, Jockey International Inc., Hanes International, and PVH Corporation leading the sector.

The bra segment is expected to increase its share to 36% by 2024, dominating the global market as women continue to see bras as essentials. And the increasing focus on health and wellness will be a key driver of demand, propelling the sale of sports bras in the next few years.

There is also a growing trend for women to spend on lingerie for special occasions, which is boosting the demand for good quality lingerie in the global market, said TMR.

Other factors benefiting the market include the rise of new sales channels such as e-commerce and the introduction of affordable brands in China and India.

In terms of geography, Europe held the leading share in the global market in 2015 and is anticipated to dominate the market in the years ahead as well, accounting for a share of 33.6% by the end of 2024.

But despite the bright picture, TMR warned of the high cost of advertising, which could eventually push retailers to raise the price of products and lead to a negative impact on the overall global market.

The market is also being hampered by the poor quality of materials used for making products, which could cause skin problems, the report said.